USD 174.24 Billion
Report ID: SQMIG10A2011 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 65 | Figures: 75
Global Hydrogen Market size was valued at USD 174.24 Billion in 2021 and is poised to grow from USD 184 Billion in 2022 to USD 284.53 Billion by 2030, at a CAGR of 5.6% during the forecast period (2023-2030).
The global hydrogen market refers to the market for hydrogen gas, which is used as a fuel and a feedstock in various industries. Hydrogen is considered a clean and renewable energy source that can help reduce greenhouse gas emissions and address climate change. The purpose of the hydrogen market is to provide a sustainable and clean energy source for various industries and applications. The market aims to promote the adoption of hydrogen technologies and infrastructure, such as fuel cells, hydrogen refueling stations, and pipelines. The increasing focus on reducing greenhouse gas emissions, as well as the growing demand for cleaner and more efficient energy sources, are the major driving factors of the hydrogen market.
Government initiatives and investments in hydrogen infrastructure and technologies are expected to further drive the market growth. The high cost of production and transportation of hydrogen, as well as the lack of infrastructure and technological advancements, are some of the restraining factors for the hydrogen market. The low energy density of hydrogen compared to other fuels also presents a challenge for its adoption. The hydrogen market faces several challenges, including the high cost of production and transportation, the lack of infrastructure and technological advancements, and safety concerns related to the handling and storage of hydrogen. The hydrogen market presents several opportunities, such as the development of new and innovative technologies for hydrogen production, storage, and transportation. The increasing demand for hydrogen in various industries, such as transportation, energy, and chemicals, presents significant growth opportunities for the market.
Global Market Size
USD 174.24 Billion
To get more reports on the above market click here to Buy The Report
The global hydrogen market is segmented on the basis of end-user, application, and region. Based on end-user, the market is segmented into ammonia, refining, methanol, fuel, and others. In terms of classification by application, the market is segmented into petroleum refining, chemicals, and others. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by end-user
The ammonia industry is the largest consumer of hydrogen, using it as a feedstock in the Haber-Bosch process to produce ammonia. The increasing demand for fertilizers and the growing population are expected to drive the demand for ammonia, thereby boosting the demand for hydrogen. The refining industry is another major consumer of hydrogen, using it in the hydrocracking process to produce cleaner fuels. The increasing demand for cleaner and more efficient fuels, as well as the stricter regulations on emissions, are expected to drive the demand for hydrogen in the refining industry. The methanol industry also uses hydrogen as a feedstock in the production process. The increasing demand for methanol in various applications, such as chemicals and fuels, is expected to drive the demand for hydrogen in the methanol industry. The fuel industry is a relatively new and growing consumer of hydrogen, with the development of fuel cell vehicles and other hydrogen-based transportation systems. The increasing focus on reducing greenhouse gas emissions and the growing demand for cleaner and more efficient transportation are expected to drive the demand for hydrogen as a fuel. Hydrogen is also used in various other industries, such as electronics, metals, and food processing. The increasing demand for clean and renewable energy sources in these industries is expected to drive the demand for hydrogen.
Analysis by Application
The petroleum refining industry is the largest application segment for hydrogen, accounting for the majority of the total hydrogen consumption. Hydrogen is used in refining to remove impurities, such as sulfur and nitrogen, from crude oil and produce cleaner fuels. The increasing demand for cleaner fuels and the stricter regulations on emissions are expected to drive the demand for hydrogen in the petroleum refining industry. The chemicals industry is another major application segment for hydrogen, using it as a feedstock in various chemical processes, such as ammonia production, methanol production, and hydrocracking.
The increasing demand for chemicals, particularly in developing regions, is expected to drive the demand for hydrogen in the chemicals industry. Hydrogen is also used in various other applications, such as food processing, electronics, and metals. In the food processing industry, hydrogen is used for hydrogenation, a process that converts liquid oils into solid fats. In the electronics industry, hydrogen is used for the production of silicon wafers. In the metals industry, hydrogen is used for the production of steel and other metals. The increasing demand for clean and renewable energy sources in these industries is expected to drive the demand for hydrogen.
To get detailed analysis on other segments, Request For Sample Report
Asia-Pacific is the dominating region in the global hydrogen market, accounting for the majority of the total hydrogen consumption. The region is home to some of the largest hydrogen producers and consumers, such as China, Japan, and South Korea. The increasing demand for hydrogen in various industries, such as chemicals, refining, and transportation, is expected to drive the growth of the hydrogen market in the region. In addition, the region has set ambitious targets for reducing greenhouse gas emissions and promoting the use of clean energy sources, which is expected to further boost the demand for hydrogen.
North America is expected to be the fastest-growing region in the global hydrogen market. The region has a well-established hydrogen infrastructure and a strong focus on reducing greenhouse gas emissions, which is expected to drive the growth of the hydrogen market. In addition, the region has a growing demand for hydrogen in the transportation sector, particularly for fuel cell vehicles. The United States has set ambitious targets for the deployment of fuel cell vehicles and the development of hydrogen infrastructure, which is expected to further boost the demand for hydrogen in the region.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Increasing Demand for Clean Fuels
Government Initiatives and Regulations
High Cost of Production and Transportation
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
The global hydrogen market is highly competitive in nature, with a large number of players operating in the market. These companies are focused on various strategies such as mergers and acquisitions, partnerships and collaborations, and new product development to strengthen their market position. companies are investing in research and development to develop new technologies and products that are more efficient and cost-effective. The global hydrogen market is expected to witness intense competition among players in the coming years, as the demand for clean and sustainable energy sources continues to grow, and companies continue to focus on developing new technologies and expanding their market reach.
Top Player’s Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global hydrogen market analysis, the increasing demand for clean energy sources, as well as government initiatives to reduce carbon emissions are key factors boosting the market. The market can be analyzed based on various factors such as production method, end-user, application, and region. Based on end-user, the hydrogen market can be segmented into transportation, power generation, chemicals, and others. Transportation is expected to be the largest end-user segment, driven by the growing adoption of fuel cell electric vehicles (FCEVs) and the need to reduce carbon emissions from the transportation sector. Power generation is another significant end-user segment, as hydrogen can be used in fuel cells to generate electricity with high efficiency and low emissions. Based on application, the hydrogen market can be segmented into petroleum refining, chemicals, and others. The global hydrogen market is expected to experience significant growth over the next few years, driven by the increasing demand for clean energy and the growing recognition of hydrogen as a key element in the transition to a low-carbon economy.
|Market size value in 2021||USD 174.24 Billion|
|Market size value in 2030||USD 184 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Hydrogen Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Hydrogen Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Hydrogen Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Hydrogen Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.